Millat Tractors halts production due to GST refund delays
MG News | August 22, 2024 at 02:57 PM GMT+05:00
August 22, 2024 (MLN): Millat Tractors Limited (PSX: MTL) has halted production temporarily due to ongoing issues with GST refunds, the company's filing on PSX revealed today.
The company revealed that the GST on tractors is set at 10%, while the GST on all input raw materials is 18%, leading to a continuous backlog of refunds.
Despite multiple requests for clarification, the government has yet to issue a mechanism for processing these refund claims.
As a result, MTL has been forced to stop production until further notice.
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